The combination of COVID-19-related restrictions and hydrocarbon oversupply has created challenging market conditions for the entire energy industry. On August 19, 2020, Valaris announced that it has filed a voluntary petition to commence a Chapter 11 process in the U.S. Bankruptcy Court, as part of a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with certain of its noteholders, to reorganize its financial structure and substantially reduce its debt load.

This financial restructuring is intended to allow Valaris to reduce debt, enhance its financial foundation and emerge as a stronger and more nimble company ready to take full advantage when the demand for offshore drilling services returns to more normal levels.

Throughout this process, Valaris will continue to operate in the ordinary course of business and remains committed to delivering excellent services to our customers across the world.

Information and Resources

For more information, please refer to our restructuring website, http://cases.stretto.com/Valaris, or call our dedicated information line at 855-348-2032 (Toll Free) or +1 949-266-6309 (International).

Our press release can be found here.